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NovaBay Pharmaceuticals, Inc. Reports Second Quarter 2009 Financial Results
Date:8/14/2009

EMERYVILLE, Calif., Aug. 14 /PRNewswire-FirstCall/ -- NovaBay((R)) Pharmaceuticals, Inc. (NYSE Amex: NBY), a clinical stage biopharmaceutical company developing first-in-class anti-infective products for the treatment and prevention of a wide range of infections without causing resistance, reported today its financial results and operational highlights for the second quarter of 2009 ended June 30, 2009.

License and collaboration revenue for the second quarter of 2009 increased $ 0.9 million to $2.3 million from $1.4 million for the second quarter of 2008. This revenue consisted almost exclusively of amounts earned under the license and collaboration agreements with Alcon (NYSE: ACL), and beginning with this quarter, Galderma S.A., for amortization of the upfront technology access fees, receipt of milestone payments, and other amounts that have been reimbursed for the funding of research and development activities performed during the period.

The net loss for the second quarter of 2009 was $0.3 million, or $0.01 per share, compared to a net loss of $2.4 million, or $0.11 per share, reported for the second quarter of 2008. As of June 30, 2009, the company's cash, cash equivalents and short-term investments totaled $10.7 million, a net decrease of only $1.4 million from the $12.1 million reported at December 31, 2008. This represents a 75% reduction from the $5.5 million decrease during the first six months of 2008. The decreased burn rate in 2009 was largely due to cost containment measures, delayed research, development, and clinical expenses and receipt of a milestone and higher reimbursement payments from Alcon and upfront payments fr
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SOURCE NovaBay Pharmaceuticals, Inc.
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